CME&#8217;s launch of XRP futures amid legal uncertainties highlights growing institutional interest in crypto derivatives, impacting market dynamics. The post CME Group set to launch XRP futures on Monday amid legal setback for SEC and Ripple appeared first on Crypto Briefing.

CME Group set to launch XRP futures on Monday amid legal setback for SEC and Ripple

Retired artist Ed Suman lost over $2 million in cryptocurrency earlier this 
year after falling victim to a scam involving someone posing as a Coinbase 
support representative.
Suman, 67, spent nearly two decades as a fabricator in the art world, helping 
build high-profile works such as Jeff Koons&#8217; _Balloon Dog_ sculptures, 
according to a May 17 report by Bloomberg.
After retiring, he turned to cryptocurrency investing, eventually accumulating 
17.5 Bitcoin (BTC) and 225 Ether (ETH) &#8212; a portfolio that comprised most of 
his retirement savings.
He stored the funds in a Trezor Model One, a hardware wallet commonly used by 
crypto holders to avoid the risks of exchange hacks. But in March, Suman 
received a text message appearing to be from Coinbase, warning him of 
unauthorized account access.
After responding, he got a phone call from a man identifying himself as a 
Coinbase security staffer named Brett Miller. The caller appeared 
knowledgeable, correctly stating that Suman&#8217;s funds were stored in a hardware 
wallet.
He then convinced Suman that his wallet could still be vulnerable and walked 
him through a &#8220;security procedure&#8221; that involved entering his seed phrase into 
a website mimicking Coinbase&#8217;s interface.
Nine days later, a second caller claiming to be from Coinbase repeated the 
process. By the end of that call, all of Suman&#8217;s crypto holdings were gone.
_Crypto scammers impersonate Coinbase support. Source:__NanoBaiter_ __
_**Related: **__**Bitcoin breaks out while Coinbase breaks down: Finance 
Redefined**_
## Coinbase suffers major data breach
The scam followed a data breach at Coinbase disclosed this week, in which 
attackers bribed customer support staff in India to access sensitive user 
information.
Stolen data included customer names, account balances, and transaction 
histories. Coinbase confirmed the breach impacted roughly 1% of its monthly 
transacting users.
Among those affected was venture capitalist Roelof Botha, managing partner at 
Sequoia Capital. There is no indication that his funds were accessed, and 
Botha declined to comment.
Coinbase&#8217;s chief security officer, Philip Martin, reportedly said the 
contracted customer service agents at the center of the controversy were based 
in India and had been fired following the breach.
The exchange has also said it plans to pay between $180 million and $400 
million in remediation and reimbursement to affected users.
_**Magazine:**__**Arthur Hayes $1M Bitcoin tip, altcoins &#8216; powerful rally&#8217; 
looms: Hodler&#8217;s Digest, May 11 &#8211; 17**_

Retired artist loses $2M in crypto to Coinbase impersonator

Despite the geopolitical tensions from the U.S. trade war causing a decline in 
most liquid tokens, venture capitalists continued to focus on the core utility 
of cryptocurrencies, particularly stablecoins. VCs’ Growing Positive View of 
Stablecoins Although the geopolitical tensions sparked by the U.S. trade war 
resulted in a quarter-long giveback of gains across most liquid […]

Report: VCs See Stablecoins as Crypto’s ‘Killer App’

United Kingdom crypto companies will need to collect and report data from 
every customer trade and transfer beginning Jan. 1, 2026 as part of a broader 
effort to improve crypto tax reporting, the UK government said.
Everything from the user&#8217;s full name, home address and tax identification 
number will need to be collected and reported for every transaction, including 
the cryptocurrency used and the amount moved, the UK Revenue and Customs 
department said in a May 14 statement. 
Details of companies, trusts and charities transacting on crypto platforms 
will also need to be reported.
Failure to comply or inaccurate reporting may incur penalties of up to 300 
British pounds ($398.4) per user. The UK Revenue and Customs department said 
it would inform companies on how to comply with the incoming measures in due 
course.
However, UK authorities are encouraging crypto firms to start collecting data 
now to ensure compliance readiness.
The new rule is part of the UK&#8217;s integration of the Organisation for Economic 
Development&#8217;s Cryptoasset Reporting Framework to improve transparency in 
crypto tax reporting.
The changes reflect the UK government&#8217;s aim to establish a more robust 
regulatory framework that supports industry growth while ensuring consumer 
protection.
_**Related:**__**Bitwise lists four crypto ETPs on London Stock Exchange**_
UK Chancellor Rachel Reeves also introduced a draft bill in late April to 
bring crypto exchanges, custodians and broker-dealers within its regulatory 
reach to combat scams and fraud.
&#8220;Today&#8217;s announcement sends a clear signal: Britain is open for business &#8212; 
but closed to fraud, abuse, and instability,&#8221; Reeves said at the time.
A study from the UK&#8217;s Financial Conduct Authority last November found that 12% 
of UK adults owned crypto in 2024 &#8212; a significant increase from the 4% 
reported in 2021.
## UK&#8217;s approach contrasts with EU&#8217;s MiCA
The UK&#8217;s move to integrate the crypto rules into its existing financial 
framework contrasts with the European Union&#8217;s approach, which introduced the 
new Markets in Crypto-Assets Regulation framework last year.
According to the MiCA Crypto Alliance, one key difference is that the UK will 
allow foreign stablecoin issuers to operate in the UK without needing to 
register.
There will also be no cap on stablecoin volumes, unlike the EU&#8217;s approach, 
which may impose controls on stablecoin issuers to manage systemic risks.
_Source:__MiCA Crypto Alliance_
 _**Magazine:**__**Crypto wanted to overthrow banks, now it &#8216;s becoming them 
in stablecoin fight**_

UK to require crypto firms to report every customer transaction

The Australian Transaction Reports and Analysis Centre has issued infringement 
notices totaling $75,120 to cryptocurrency exchange Cointree for failing to 
submit suspicious matter reports on time. Cointree Fined Despite Self- 
Reporting The Australian financial intelligence agency, the Australian 
Transaction Reports and Analysis Centre (AUSTRAC), has issued infringement 
notices totaling $75,120 to cryptocurrency exchange Cointree for failing […]

AUSTRAC Fines Crypto Exchange Cointree for Reporting Failures

CME&#8217;s launch of XRP futures amid legal uncertainties highlights growing 
institutional interest in crypto derivatives, impacting market dynamics.
The post CME Group set to launch XRP futures on Monday amid legal setback for 
SEC and Ripple appeared first on Crypto Briefing.